Verification of Payee
is a service introduced under the Instant Payments Regulations (IPR).
Its purpose is to enhance the security of the European payments market. It works by verifying, before a transfer is executed, whether the holder of the IBAN is the same person to whom the sender intends to send the money.
At eSourcing, we work closely with European clearing agents (Automated Clearing Houses). As part of the integration with the Routing Verification Mechanism (RVM), we have designed a comprehensive solution that connects a bank’s ecosystem with other banks within the SEPA area. Our solution is not just an Enterprise Data Bus (EDB) — it’s a holistic approach to defining compliance algorithms, combined with a user-friendly interface for administrators.
